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New York manufacturing activity growth strengthens in May

Growth of New York manufacturing activity accelerated in May as new orders expanded at a faster rate, the Federal Reserve Bank of New York said in its latest Empire State Manufacturing Survey.

The headline general business conditions index climbed 4.3 points in May to 20.1 from 15.8 in April, and new orders growth rose to 16.0 this month, up 7 points from 9.0.